Chapter 23: Personal Property and Bailments

Question 1

What is property?

Answer 1

Property refers to

• Something that may be owned, or
• A right or interest that allows a person to exercise dominion over a thing that may be owned or possessed

Property ownership is a bundle of rights that the law recognizes and enforces, including the rights to use, transfer, or destroy the property

Question 2

Ownership of personal property may be acquired by:

Answer 2

• Production
• Purchase
• Leasing
• Gift
• Will or inheritance
• Confusion
• Accession
• Taking possession of unowned property

Question 3

What is real property?

Answer 3

The earth’s crust and all things firmly attached to it

Question 4

What is a lease?

Answer 4

A lease of personal property is not a transfer or ownership, but a transfer of the right to possess and use personal property belonging to another; common in business settings

Question 5

What is confusion?

Answer 5

The intermixing of different owners’ goods in such a way that they cannot later be separated

Question 6

What is accession?

Answer 6

Increasing property value by adding materials, labor, or both

Question 7

What is a bailment?

Answer 7

Occurs when a bailor who owns personal property delivers it to another and accepts it and is under an express or implied agreement to return it to the bailor or someone designated by the bailor

Example: Bailment of car to valet